EVT vs NFJ: Correlation
Measured on weekly returns over the past three years, Eaton Vance Tax Advantaged Dividend Income Fund (EVT) and Virtus Dividend, Interest & Premium Strategy Fund (NFJ) carry a correlation of 0.84, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVT and NFJ?
On 3 years of weekly data the EVT/NFJ correlation comes out at 0.84, very strong, meaning they move nearly in lockstep. The link has loosened recently: the 1-year correlation (0.73) runs below the 3-year figure (0.84). The 5-year figure is 0.84, and annualized covariance runs at 177.1 %².
Within EVT's tracked universe of 52 assets, NFJ comes in at #8 by 3-year correlation. Twelve-month performance is nearly a tie, at +28.8% for EVT and +31.0% for NFJ.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
EVT vs NFJ: side by side
| EVT (Eaton Vance Tax Advantaged Dividend Income Fund) | NFJ (Virtus Dividend, Interest & Premium Strategy Fund) | |
|---|---|---|
| 1-year return | +28.8% | +31.0% |
| 5-year return | +51.3% | +50.8% |
| Volatility (ann.) | 15.3% | 13.8% |
| Beta vs S&P 500 | 0.85 | 0.73 |
| Max drawdown (3Y) | -18.7% | -17.0% |
| Market cap | $2.2B | $1.5B |
| P/E (trailing) | 4.5 | 9.8 |
| Dividend yield | 6.80% | 7.83% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EVT | NFJ |
|---|---|---|
| 2022 | -17.3% | -23.9% |
| 2023 | +5.8% | +21.3% |
| 2024 | +17.4% | +10.0% |
| 2025 | +13.8% | +12.4% |
| 2026 | +20.8% | +26.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVT and NFJ good diversifiers for each other?
No: a correlation of 0.84 means EVT and NFJ tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between EVT and NFJ?
As of 2026-08-27, the correlation of weekly returns between EVT and NFJ is 0.84 over 3 years, 0.73 over 1 year and 0.84 over 5 years.
Is NFJ a good diversifier for EVT?
No: a correlation of 0.84 means EVT and NFJ tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.84 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/evt-vs-nfj.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/evt-vs-nfj/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EVT correlations · NFJ correlations
